Meta gets hit from all sides

A new FTC lawsuit hits on the day of its first-ever earnings decline

“A bunch of hands grabbing a virtual reality headset,” as interpreted by OpenAI’s DALL-E

Today, let’s talk about the twin shocks that hit Meta on Tuesday: a new lawsuit from the Federal Trade Commission, and reaction to the news that its quarterly revenues declined for the first time ever.

I.

Start with the lawsuit. Last June, I wondered in this space wh…